Title
Resolution of the City of Hampton Approving a Cooperation Agreement with the Economic Development Authority of the City of Hampton (“EDA”) and Authorizing the Execution of Same for the Redevelopment and Renovation of the Hampton Armory
Purpose
PURPOSE/BACKGROUND/DISCUSSION/IMPACT:
The 2004 Downtown Hampton Master Plan, as amended, called for the renovation and reuse of the Hampton Armory, located at 504 North King Street, as a key element in the revitalization of the Armory Initiative. The Master Plan recommended reuse as a live entertainment venue to anchor this area of downtown Hampton.
On November 17, 2015 the City of Hampton issued a request for proposals (RFP) for renovation and reuse of the building as a live entertainment venue, craft brewery/brewpub or craft distillery. The goal of the solicitation was to secure an experienced developer to renovate and reuse the building to create a destination in Downtown Hampton. 504-520 N King Street LLC submitted a proposal that met the City’s objectives and would ensure the success of the Armory development as outlined in the RFP.
The property, in its current condition, is in need of substantial rehabilitation and reinvestment. Due to the high cost of renovating this historic building, new infrastructure improvements, hazardous materials abatement, and other physical improvements, the Developer has requested financial assistance from the EDA to offset the development costs.
Staff has negotiated the terms and conditions for the sale of the property by the EDA and related incentives necessary to complete the project. As an inducement, the Developer will receive a property conditions credit of $610,498.00 towards the purchase price of $610,500.00. Additionally, the EDA, subject to funding, will provide up to $494,000 to reimburse actual expenses incurred for the development of on-site infrastructure and hazardous materials abatement. The City will also bury the overhead power lines in front of the ...
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